DLH Holdings Corp. (NasdaqCM:DLHC) acquired Irving Burton Associates, Inc. (IBA) from Anna L. Ryan for $32.7 million on September 30, 2020. The purchase price is subject to post-closing adjustments based on IBA’s final debt, transaction costs, net working capital, and other adjustments, as determined in accordance with the Purchase Agreement. DLH financed the acquisition through an amendment to its existing secured credit facility. Borrowing availability was provided by debt prepayments facilitated by DLH Holdings Corp. ongoing cash generation. First National Bank of Pennsylvania acted as agent, and F.N.B. Capital Markets and M&T Bank acted as joint lead arrangers. The credit facility was comprised of a syndicated term loan of $70 million and revolving credit facility of $25 million. IBA will be a wholly owned subsidiary of DLH and a part of DLH's mission services and solutions operating unit led by Helene Fisher. The purchase price represents a multiple of ~9.3x EBITDA and 7.7x of EBITDA net of tax benefit. For the twelve months ended June 30, 2020, IBA reported revenue of $24.5 million, operating income of $3.1 million, net income of $3.1 million and EBITDA of $3.1 million. IBA’s current president, Mary Dowdall, will remain with DLH in leadership of the IBA organization. The transaction is expected to be immediately accretive to net income and diluted earning per share. Jean Stack, John Song, Alex Sevilla, Nicole Coffey, Josh Buttler and Zachary Ross of Robert W. Baird & Co. Incorporated served as financial advisors to DLH. Adam August and Lauren Benny of Holland & Knight, LLP served as legal advisors to DLH as part of this transaction. Baker Tilly and the Lockton Companies provided consulting services to DLH in connection with the acquisition. KippsDeSanto & Co. served as financial advisor to IBA. Michelle DiCintio of Odin Feldman & Pittleman PC and Willam J. Halliday acted as the legal advisor for IBA. Becker & Poliakoff LLP represented by Victor J. DiGioia, Michael A. Goldstein, Sarah Klein and Paul H. Shur acted as the legal advisor with regards to the financing of the transaction. DLH Holdings Corp. (NasdaqCM:DLHC) completed the acquisition of Irving Burton Associates, Inc. from Anna L. Ryan on September 30, 2020. As reported on October 7, 2020, the acquisition was fully funded with senior debt by reloading the DLH Holdings Corp.'s existing secured credit facility. Term loan and cash reserves were used for the transaction, no revolver borrowings were needed to complete the transaction. The acquisition was financed through a combination of borrowings of $33 million under amended senior credit facility and cash on hand.